Parties are expected to agree on a New Collective Quantified Goal (NCQG) for climate finance in November 2024 at COP29, as the current, annual, global USD 100 billion goal ends in 2025. 

This side event in the context of SB60 will be the occasion to discuss how the New Collective Quantified Goal must meet the needs of developing countries equitably, ensuring accountability within the UN process, including in relation to the outcomes of the GST, and potential implications for the global financial architecture, economic cooperation and policy coordination.

Speakers will discuss the relation between the NCQG and the Global Stocktake (GST), a process that concluded for the first time at COP28 and that over the last two years looked at where the world stands on climate action and support, identifying the gaps, and working together to agree on solutions pathways.

They will explore plausible evidence-based scenarios that can inform a quantum that reflects the real needs of developing countries, with a Goal rooted in the Paris Agreement principles and climate justice.

Speakers

• Jeronim Capaldo, Senior Economist, UNCTAD
• Alejandra López Carbajal, Climate Diplomacy Director, Transforma
• Manjeev Singh Puri, Distinguished Fellow, TERI
• Sofia Vargas-Lozada, Climate Finance Advisor and Negotiator, Colombia Ministry of Foreign Affairs
• Kevin Adams, Lead Climate Finance Negotiator, U.S. Department of State

Moderator: Avantika Goswami, Centre for Science and Environment (CSE) India